Ceres Power says revenue to more double after notching 'key milestones' with partners

6 December 2018 | 09:13am

StockMarketWire.com - Ceres Power Holdings said Thursday it expected full year revenues to more than double after notching two 'key commercial milestones' with partners Bosch and Weichai Power.

Full year revenue and other operating income were expected to more than double to approximately £15m from £7m last year, the company said.

While revenue and other operating income for the six months to 31 December 2018 were expected to be at least £7m,, an increase of 125% from the same period last year, it added.

A key commercial milestones was achieved with Bosch triggered a €5m payment.

While Weichai ploughed a further £28m in equity investment into the company, due to complete shortly, after both parties finalised their long-term strategic collaboration, first announced in May 2018, the company said.

'We've had a very strong end to 2018 which means we expect to more than double revenue this year. This is on the back of strong progress with our strategic partnerships with Weichai Power and Bosch where we have met stretching technology and performance targets which continue to give our partners the confidence in taking our technology forwards towards commercialisation. This has enabled us to grow the business in the UK and also extend our markets internationally, said Phil Caldwell, CEO.

At 9:13am: [LON:CWR] Ceres Power Holdings PLC share price was +1.51p at 171p

Story provided by StockMarketWire.com

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